The unseen photo was taken during their visit to India to promote their 2017 action movie 'xXx: Return of Xander Cage'
The board of directors of Eshraq Investments has set a new business strategy following the acquisition of shares in Goldilocks Investment Company Limited.
At the meeting held on September 2, the board approved a plan to fully monetise the company’s land bank over the next three years through the sale or through introducing partners to develop the land bank and then sell them. The board also noted the progress made by the management in this regard.
Dividend policy, share buybacks
The board of directors also approved the company’s new dividend policy. Under the revamped dividend policy, the company will target to pay, subject to shareholders approval, a minimum annual dividend of two fils per share for the year 2022 and expects the dividend per share to increase by 0.5 fils to reach a minimum of four fils per share by 2026. The board will put forward the new dividend policy to the Company’s shareholders for approval at the next general assembly meeting.
As Eshraq has received all necessary approvals for its buyback program, including at the last annual general meeting and most recently from SCA, the company anticipates commencing the buyback program after the two-week public notification deadline that expires on September 6, 2022, and anticipates buying a minimum of three per cent of the company’s share capital every year.
Profitable investments to support cash flows
The board further noted the recent decisions of the shareholders meeting to contribute financial assets to Goldilocks as an in-kind subscription. Goldilocks will become the Company's core asset, and the composition of the assets is expected to lead to greater stability, improved returns and reduced mark-to-market volatility.
Enhanced governance
The board has also decided to reorganise the Board Committees to maximize their efficiency. This includes the constitution of an executive committee that will assist the board in managing the company’s land monetisation, other investments, and ongoing support to the company’s management.
Eshraq, which reported a 59 per cent year-on-year decline in first-half net profit to D7.29 million, said in August that the company is reviewing its dividend policy and expects to present a revamped dividend policy with dividend guidance soon.
"We are optimistic that this acquisition will accelerate future growth opportunities and create long-term value for our shareholders. We look forward to provide more updates to the shareholders in the coming weeks," Jassim Alseddiqi, Eshraq's Chairman, said in a statement on July 25.
— muzaffarrizvi@khaleejtimes.com
The unseen photo was taken during their visit to India to promote their 2017 action movie 'xXx: Return of Xander Cage'
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